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☆ 'The Traitors' victim Ekin-Su says being buried alive was an 'iconic' way to die
▼ + stars: | 2024-01-23 | by ( Caralynn Matassa | Kirsten Acuna | ) www.businessinsider.com time to read: +13 min

I've had people say to me that the energy went down and people started to get really, really argumentative in there, so it's what happens when you get rid of me. Speaking of "Love Island," obviously you and Bergie were representing "Love Island" UK and US on "The Traitors." I love "Love Island," but for me, "Love Island" was 2022 season eight, and for me, that is a chapter closed. There's so much I want to do in my life now, and I don't think "Love Island" fits in that category. I'd love to host shows like "Love Island," but I definitely wouldn't go back as a contestant.

Persons: Su Cülcüloğlu, Cülcüloğlu, John Bercow, Janelle Pierzina, —, Parvati Shallow, Parvati, Peacock, Su, It's, I'm, Phaedra, Dan, hasn't, I've, Alan Cumming, Peter, Dan Gheesling, Alan, Janelle Janelle, Janelle —, Janelle, John, Euan Cherry, That's, We've, Peter I, You've, Sandra, Davide Ekin, Davide Sanclimenti, Adam, David M, Davide, Maura Higgins, he'd, Larsa, Marcus, Larsa would've, they're, That'd, Su Culculoglu, Victoria Jones, you've Organizations: Business, Service, Square, Getty Locations: Cineworld, London, England

☆ Taylor Swift concert film nabs over $95 million at domestic theaters
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +1 min

Fans pass by an image of Taylor Swift as they enter a cinema to watch Taylor Swift's Eras Tour concert movie in Mexico City, Mexico October 13, 2023. REUTERS/Alexandre Meneghini Acquire Licensing RightsLOS ANGELES, Oct 15 (Reuters) - Taylor Swift's movie of her Eras Tour concert dominated theaters over the weekend with $95 million to $97 million in U.S. and Canadian ticket sales, according to estimates from distributor AMC Theatres (AMC.N) on Sunday. The movie, called "Taylor Swift: The Eras Tour", set the record for a concert film, easily surpassing the $29.5 million collected by "Justin Bieber: Never Say Never" over its first three days in 2011. If current estimates hold, Swift's film will fall short of the most bullish projections from box office analysts, who had forecast a domestic opening of $100 million to $140 million. Swift said on Wednesday that she was adding extra showtimes and early screenings on Thursday to meet demand.

Persons: Taylor Swift, Taylor, Alexandre Meneghini, Justin Bieber, Swift, Lisa Richwine, Bill Berkrot, Lisa Shumaker Organizations: REUTERS, AMC, Thomson Locations: Mexico City, Mexico, Hollywood

Taylor Swift attends the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. In her next act, Swift is poised to lift another corner of the economy: a movie box office still trying to recover from the pandemic and Hollywood strikes. “Swift and Beyonce will certainly fill some of the gaps,” said Box Office Pro senior analyst Shawn Robbins. BLOCKBUSTER SALESAdvance sales for "Taylor Swift: The Eras Tour" are on pace with a Star Wars or Marvel blockbuster. “But there's no question that the Eras Tour with Taylor Swift has really launched that into a new atmosphere.

Persons: Taylor Swift, Andrew Kelly, Swift, Taylor, Beyonce, ”, Barbie ”, “ Oppenheimer, “ Swift, Shawn Robbins, “, it's, Hunter, “ We’ve, Rolando Rodriguez, Brock Bagby, Queen Bey, Bruce Nash, Nash, Riley, Eric Wold, Dawn Chnmielewski, Lisa Richwine, Kenneth Li, Mark Porter Organizations: Prudential Center, REUTERS, AMC Theatres, Hollywood, Pro, SAG, Marvel, National Association of Theatre Owners, B, ”, Wedbush Securities, Thomson Locations: Newark , New Jersey, U.S, United States, Canada, Missouri, Los Angeles, New York

☆ Even 'Barbie' may not be able to rescue AMC Theaters' problems
▼ + stars: | 2023-08-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

That still may not be enough to save AMC Theaters, which has a looming bill it may not be able to pay back. AMC (AMC) also saw its highest quarterly attendance since 2019. The quarter did not include revenue from “Barbie” and “Oppenheimer” July releases, which AMC said lifted the company to its best month in its 103-year history. Still, the financial toll of the pandemic has been immense, and is still weighing down AMC and other movie theater chains. AMC took on a significant amount of debt to stay afloat during the pandemic when theaters closed and customers were at home watching Netflix.

Persons: New York CNN — Barbie, “ Barbie ”, “ Oppenheimer, ”, kindling, Adam Aron, Peacock, Max, Disney’s “ Indiana Jones, There’s, Alicia Reese Organizations: New, New York CNN, AMC, Netflix, Paramount, Comcast, CNN, Warner Bros ., Hollywood, Wedbush Securities Locations: New York, Hollywood, Disney’s

☆ Record temperatures, plus Barbie, help to drive record movie box office
▼ + stars: | 2023-08-05 | by ( Ellie Stevens | ) edition.cnn.com time to read: +5 min

Advertisements for the films "Oppenheimer" and "Barbie" appear at AMC Theaters at The Grove on Thursday, July 20, 2023, in Los Angeles. Chris Pizzello/APThis summer, scorching heat waves are helping take the movie box office to new levels. Movie-theater air conditioning is generally silent, powerful and adapts quickly to temperature swings. Within 5 years of the introduction of air conditioning in movie theaters in the 1920s, Basile said, 3,000 movie theaters were forced to put it in just to keep up with the industry. “Before air conditioning existed in movie theaters, summer was considered the dead season.” Not anymore.

Persons: “ Oppenheimer, “ Barbie, Hope Torres, —, ” Torres, Oppenheimer, Chris Pizzello, Barbie ”, ”, Shawn Robbins, Tyler Whitmore, ‘ Oppenheimer ’, ” Whitmore, Salvatore Basile, “ Oppenheimer ”, Eric Thayer, Basile, Michael O’Leary, Jeff Yanc, John Carpenter’s, ” Yanc Organizations: CNN, Maya Cinemas, AMC Theaters, AMC, Sunday, Boxoffice, ”, Hollywood, Regal Cinemas, Warner Bros . Pictures, Warner Bros ., TCL, Bloomberg, Getty, AC, National Association of Theater, Mushroom People Locations: Maya Cinemas Fresno, Fresno , California, California, Grove, Los Angeles, Phoenix , Arizona, Arizona, Los Angeles , California, Cineworld, Tucson , Arizona

☆ Cineworld emerges from Chapter 11 bankruptcy
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Cineworld Group (CINE.L) said it has emerged from Chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board. The world's second largest cinema chain operator behind AMC Entertainment (AMC.N) said it has appointed former Chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna. The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt. The "New Cineworld" has fixed its balance sheet after cutting debt by $4.53 billion, raising about $800 million in new equity capital and securing new debt financing of about $1.71 billion, the company said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Warner Bros Ann Sarnoff, Eric Foss, Eduardo Acuna, Foss, Yadarisa, Nivedita Organizations: Cineworld, AMC Entertainment, Warner Bros, Cinema, U.S, Thomson Locations: Cinema City, Bengaluru

☆ Regal cinemas owner Cineworld emerges from bankruptcy
▼ + stars: | 2023-08-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The owner of Regal cinemas announced Tuesday that it had emerged from Chapter 11 bankruptcy after slashing billions off its debts, just as smash hits “Barbie” and “Oppenheimer” give the movie theater industry a much-needed lift. “Cineworld is ready and fully able to succeed in this dynamic and constantly changing movie theater industry,” chairman Eric Foss said in a statement. (Warner Bros., like CNN, is owned by Warner Bros. Cineworld struggled to stay afloat during the pandemic, when it, along with other cinema chains, was forced to close its movie theaters worldwide. But whether the summer blockbusters will translate into a sustained revival for movie theaters remains to be seen.

Persons: Barbie ”, “ Oppenheimer ”, Eric Foss, Eduardo Acuna, Cineworld “, ”, Ann Sarnoff, Cineworld, Barbie, “ Oppenheimer, Disney’s “ Indiana Jones Organizations: London CNN, Regal, AMC, Cinepolis, Warner Bros, CNN, Warner Bros ., Universal Studios, Hollywood Locations: Cinepolis Americas, United States, ”, Disney’s

☆ 'Barbie' and 'Oppenheimer' box office debut sparks hope that cinema is back
▼ + stars: | 2023-07-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

That gave the pink-drenched film the largest opening weekend of 2023 so far and the biggest-ever debut for a female director. Timothy Richards, chief executive of Vue International, Europe’s largest privately owned movie theater operator, said in a statement Sunday that it had seen its biggest weekend in four years for ticket sales. AMC (AMC), the world’s largest movie theater chain, said last week that 60,000 people had bought tickets see both films on the same day. Cineworld, the world’s second-biggest movie theater chain and owner of Regal Cinemas, filed for bankruptcy in September after posting a total $3.3 billion loss over 2020 and 2021. So far, Cineworld has shuttered 51 of its Regal movie theaters in the US.

Persons: “ Barbie ”, “ Oppenheimer, kindling, “ Barbie, Barbie ”, “, Timothy Richards, “ Vue, ’ ” Richards, Greta Gerwig’s, Burger, Crocs, Airbnb, Christopher Nolan, J, Robert Oppenheimer, Gabrielle Roitman, Kayla Seffing, Maddy Hiller, Casey Myer, Oppenheimer, Barbie, Chris Pizzello, “ Barbenheimer, —, ” Daniel Loria, Michael O’Leary, Disney’s “ Indiana Jones, ” Organizations: London CNN, Warner Bros, Universal Studios, Warner Bros ., Vue International, Europe’s, “, United, AMC, CNN, National Associations of Theater Owners, Hollywood, Regal Cinemas Locations: Brazil, California, American, United States, Los Angeles, Disney’s

☆ You won't have to pay extra for a good seat for Barbenheimer. AMC is ditching its controversial plan to charge more for movie theater seats with the best view.
▼ + stars: | 2023-07-21 | by ( Gabriel Rivera | ) www.businessinsider.com time to read: +4 min

AMC Theatres isn't going ahead with its plan to charge more for the best seats at the movie theater. After trials at select locations, the chain scrapped the plan to ensure "its ticket prices stay competitive." AMC's unpopular tiered-pricing plan would have raised costs for middle seats and charged less for seats in the front row. The US box office dropped from $11.3 billion in 2019 to just $7.3 billion in 2022, according to Box Office Mojo. The domestic box office has grossed just over $5 billion in 2023 to date, per Box Office Mojo.

Persons: Oppenheimer, Adam Aron Organizations: AMC, AMC Theatres, Office, National Association of Theater, Regal Cinemas, National Association of Theater Owners, CNBC Locations: Canada

☆ Cinepolis exec Eduardo Acuna to become Cineworld CEO
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - Cineworld Group (CINE.L) said on Thursday Eduardo Acuna, who runs the Americas operations of Mexican theatre operator Cinepolis, will become its CEO when the company emerges from bankruptcy proceedings, expected this month. The group, which filed for U.S. bankruptcy protection in September, said lenders had agreed to appoint Acuna as CEO of the newly formed parent company after its restructuring plan becomes effective. Cineworld had faced discontent from shareholders over executive pay in 2021, including bonuses to the CEO and his brother and deputy chief Israel Greidinger. Acuna, who has been with Cinepolis since 2005, previously held roles at McKinsey and Co and Goldman Sachs. Cineworld added that it "understands that a selection process for the remaining members of the new company's board is ongoing".

Persons: Eduardo Acuna, Acuna, Eric Foss, Mooky Greidinger, Greidinger, Cineworld, Israel Greidinger, Goldman Sachs, Eva Mathews, Yadarisa, Shinjini Organizations: Cineworld, U.S, Pepsi, Cinema City, Regal Entertainment, Financial Times, McKinsey, Thomson Locations: London, Britain, U.S, British, Bengaluru

☆ 'Barbie' and 'Oppenheimer' could be struggling movie theaters' last chance to make money this summer
▼ + stars: | 2023-07-12 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

They could also be the struggling theater industry's last chance to make money this summer. Struggling movie theaters might see "Barbie" and "Oppenheimer" – which both come out July 21 – as their last chance to make money this summer. Forecasters think "Barbie" will be the highest-grossing film in the US this summer with earnings between $215 million and $319 million, the data shows. Sandwiching the two movies on Box Office Pro's leaderboard is Tom Cruise's latest "Mission Impossible" flick. AMC has lost money for 15 consecutive quarters, while Cineworld – which owns Regal Cinemas – filed for Chapter 11 bankruptcy last year.

Persons: Greta Gerwig's, Christopher Nolan's, Oppenheimer, Tom Cruise's, Meg, Mario, Indiana Jones Organizations: AMC, Alamo, Mario Bros

SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

☆ London stocks hit three-month low dragged by defence stocks; Aston Martin surges
▼ + stars: | 2023-06-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) slipped 0.4%, hitting a three month low as the aerospace and defence sector (.FTNMX502010) lost 2.1% after fighters of the Wagner group attempted a mutiny in Russia over the weekend. "Defence stocks tend to benefit from bad news in terms of geopolitical tensions," said Christopher Peters, trading floor manager at Accendo Markets. Britain's biggest defence company BAE Systems (BAES.L) slumped 3.1%, dropping to the bottom of the FTSE 100. The more domestically-focussed FTSE 250 midcap index (.FTMC) also fell 0.5%, touching a three-month low. Among individual stocks, Cineworld Group (CINE.L) dropped 28.9% after the cinema chain operator said it will file for administration as part of a proposed restructuring plan.

Persons: Russia Cineworld, Aston Martin, carmaker Aston Martin, Wagner, Christopher Peters, JP Morgan, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: Defence, U.S, EV, Lucid, carmaker, Accendo, BAE Systems, Lloyds, Bank of England, Bank for International, Cineworld, Thomson Locations: Russia, Bengaluru

☆ Cineworld to file for administration in UK as part of restructuring
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Embattled cinema chain operator Cineworld Group (CINE.L) on Monday said it will file for administration in Britain and suspend trading on the London Stock Exchange next month, as part of a restructuring plan to reduce its massive debt. The proposed restructuring will involve the release of about $4.53 billion of the group's debt, a rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing, Cineworld said. It opted for a restructuring plan that effectively wipes out existing shareholders' equity. The company continues to expect to emerge from Chapter 11 bankruptcy protection in July, having said in May that its proposed debt restructuring had the backing of most of its lenders. However, the restructuring plan would still not provide for any recovery for its existing shareholders, Cineworld added.

Persons: Cineworld, Eva Mathews, Dhanya Ann Thoppil, David Goodman, Emelia Organizations: Cineworld, London Stock Exchange, U.S, Regal, Cinema, Thomson Locations: Britain, British, United States, Cinema City, Europe, United Kingdom, Republic of Ireland, Bengaluru

☆ The bosses of the Regal Cinemas owner are set to depart with $35 million after Cineworld emerges from Chapter 11
▼ + stars: | 2023-06-17 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The bosses of Cineworld, which owns Regal, will collect $35 million, the Financial Times reported. A source told Insider the payout is intended to help smooth CEO Mooky Greidinger's departure. UK-based Cineworld bought Regal, the second-biggest US movie theater chain, for $3.6 billion in 2017. Another source told the Financial Times the expected departure of the Greidingers was still a form of "comeuppance" despite the payout. A search is being conducted to identify a new CEO, the source told Insider.

Persons: Cineworld, Mooky Greidinger, Greidinger, Israel Greidinger, Nisan Cohen, Renana Teperberg Organizations: Financial Times, Morning, Regal, Canada's Cineplex, Eastgate, Cineworld

☆ Cineworld CEO and top execs secure near $35 million exit payout, Financial Times reports
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - Cineworld's (CINE.L) CEO Mooky Greidinger and his top management team will be paid up to $35 million combined to leave the British cinema operator after it emerges from Chapter 11 proceedings next month, the Financial Times reported on Friday. The lenders have committed to pay Greidinger, his brother and deputy CEO, Israel Greidinger, Chief Financial Officer Nisan Cohen and Chief Commercial Officer Renana Teperberg between $30 million and $35 million in cash within a year of their exit, the FT added, citing people familiar with the matter. Cineworld declined to comment on the FT report. The company had filed for bankruptcy protection in September hoping to restructure its massive debt. Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mooky Greidinger, Greidinger, Israel Greidinger, Nisan Cohen, Radhika Anilkumar, Savio D'Souza Organizations: Financial Times, AMC Entertainment, Thomson Locations: British, Bengaluru

☆ Theater advertiser National CineMedia files for bankruptcy protection
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - National CineMedia Inc (NCMI.O), the biggest movie-theater advertising business in North America, said on Tuesday it filed for bankruptcy protection and had entered into a restructuring agreement with its lenders. This adds to the growing list of challenges facing the cinema industry, which has been hit hard by the pandemic and a lack of major film releases, and follows a similar move by Cineworld, which filed for U.S. bankruptcy protection in September. In an effort to de-leverage its balance sheet, NCM said it entered into an agreement with its secured lenders to convert its debt into equity. The company will receive an ownership interest of about 14% in the restructured entity, it said. The company expects to report a 44.4% increase in revenue to $91.7 million for the fourth quarter.

☆ Harry Potter series, another 'Game of Thrones' prequel coming to Max streaming service
▼ + stars: | 2023-04-12 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

REUTERS/Neil Hall/File PhotoLOS ANGELES, April 12 (Reuters) - Boy wizard Harry Potter is headed to streaming television in a new series based on the beloved books by author J.K. Rowling. Warner Bros Discovery (WBD.O) announced the series on Wednesday as part of the company's plans for its Max streaming service, which combines HBO Max with unscripted programming from Discovery. The seven Harry Potter books have sold more than 600 million copies worldwide. Harry Potter fan blogs and actors including Radcliffe objected to her remarks. Other new shows coming to Max include a new "Game of Thrones" prequel, titled "A Knight of the Seven Kingdoms: The Hedge Knight," with author George R.R.

☆ Britain's Cineworld shareholders to be wiped out in restructuring plan
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/3] People are seen at a Cineworld in Leicester’s Square, amid the coronavirus disease (COVID-19) outbreak in London, Britain, October 4, 2020. It does not provide for any recovery for its existing shareholders, the group said. The group's chapter 11 companies are seeking to confirm the plan on an "expeditious timeline", Cineworld said, adding that it continues to operate its global business and cinemas as usual without interruption. The plan filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, is yet to be approved. Cineworld, which expects to emerge from Chapter 11 in the first half of 2023, said any transaction resulting from the marketing process may delay emergence beyond that point.

☆ Cineworld files restructuring plan in US
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Cineworld (CINE.L), the world's second-largest cinema chain operator, said on Tuesday it had filed a plan of reorganisation with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company had placed a majority of its business under U.S. Chapter 11 bankruptcy protection in September. The proposed restructuring does not provide for any recovery for holders of its existing equity interests, the struggling cinema chain said on Tuesday. Cineworld, which expects to emerge from Chapter 11 is the first half of 2023, also said any sale transaction resulting from the marketing process may delay emergence beyond the first half. Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ 130 Regal, Eastgate, and other movie theaters could close in the US — see the list of those already shuttering
▼ + stars: | 2023-04-11 | by ( Travis Clark | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Cineworld has sought to exit its leases for 130 theaters in the US. A bankruptcy court in Texas has already approved its plan to walk away from 47 of those locations. Cineworld filed for Chapter 11 bankruptcy in September. So far, the Texas bankruptcy court overseeing the proceedings has approved the company's plan to exit 47 leases, according to court filings. The North American box office hit $7.4 billion in 2022, according to Comscore, down from over $11 billion in 2019 and 2018.

☆ Cineworld shareholders: Shares in Regal Cinemas' owner hit all-time low
▼ + stars: | 2023-04-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Cineworld’s stock plummeted 36% Tuesday afternoon to an all-time low after the company said it had filed a plan to reorganize its business and shareholders would not recover any of their funds. The embattled owner of Regal Cinemas said it had submitted a final version of the plan to a US bankruptcy court in Texas. Under the plan, Cineworld’s lenders will cut its debt by $4.5 billion in exchange for equity in the reorganized company. It filed for Chapter 11 bankruptcy in the United States in September. Cineworld shares have lost 98% of their value since the company listed on the London Stock Exchange in 2007.

☆ Cineworld drops major sale plan and proposes new debt deal
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: +2 min

Cineworld, which operates 9,000 theatres in 10 countries, has warned that a lack of blockbusters is hurting admissions. Cineworld has scrapped plans to sell its U.S., UK and Ireland businesses after failing to find a buyer, the cinema chain operator said on Monday, as it proposed a new debt restructuring plan. Under a new tentative deal with lenders it said it aimed to reduce debt by about $4.53 billion, mainly through creditors getting equity in a reorganized group. It had net debt of $8.81 billion including lease liabilities as of June 2022. The company reiterated that shareholders will be wiped out under its restructuring plans.

☆ Cineworld looks to raise $2.26 billion to emerge from bankruptcy
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Cineworld Group Plc (CINE.L) is planning to raise $2.26 billion, according to a court filing on Sunday, as the theater chain aims to emerge from Chapter 11 bankruptcy in the first half of 2023. The fundraising will consist of a first lien senior secured debt credit facility of $1.46 billion and issuance of new common stock for an aggregate purchase price of $800 million, according the filing with the U.S. bankruptcy court in the Southern District of Texas. Cineworld filed for U.S. bankruptcy protection in September to try to restructure its debt after being hit by the pandemic and a lack of blockbuster movies. The proceeds of the capital raising will be used to meet costs and expenses relating to the restructuring, and also to pay fees, other expenses and provide working capital to reorganized debtors, according to the filing. Reporting by Maria Ponnezhath in Bengaluru; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Cineworld shares tank after Regal Cinemas owner ditches plans to sell US and UK businesses
▼ + stars: | 2023-04-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Cineworld plunged more than 30% Monday, hitting their lowest level since late August, after the owner of Regal Cinemas said it planned to terminate efforts to sell its US, UK and Irish businesses. The world’s second-largest movie theater chain also announced a debt restructuring plan with lenders to help it exit bankruptcy. Cineworld — which, like many cinema operators, was hit hard by the pandemic — filed for Chapter 11 bankruptcy protection in September. In addition to the United States, the United Kingdom and Ireland, Cineworld operates cinemas in Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel. After two rounds of closures in the United States, around 500 Cineworld theaters remain across the country.

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